1

An Industry Analysis - Desk Research report on

Submitted in partial fulfillment of the requirements

For the degree of Master of Business Administration

To

By

Name of Students PRN NO.

1- Gaziyani Md. Hasnain Md. Khalid ----------------------------

2- Ansari Abu Swaleh Rafeeque Ah. ----------------------------

3- Rahul O. Bhandari ----------------------------

4- Khushboo Mutha ----------------------------

5- Bhagyashree Mankar ----------------------------

Under the guidance of

HON. HOD. PROF. MR. U.S. KASAR

In the Year-2013-14

Through

S.N.J.B’s Late Sau. K.B.Jain College of Engineering, Neminagar, Tal- Chandwad, Dist-Nasik, (M.S)

2

DECLARATION BY THE STUDENT

I hereby declare that this Project Report titled CHOCOLATE INDUSTRY

Submitted by me is based on actual work carried out by me under the guidance and

Supervision of PROF. MR. U.S. KASAR any reference to work done by any other person

Or institution or any material obtained from other sources have been duly cited and

Referenced. It is further to state that this work is not submitted anywhere else for any

Examination.

Date:

Name of Students: Signature of the Students

1- Gaziyani Md. Hasnain Md. Khalid

2- Ansari Abu Swaleh Rafeeque Ah.

3- Rahul O. Bhandari

4- Khushboo Mutha

5- Bhagyashree Mankar

3

ACKNOWLEDGEMENT

We would like to thank the almighty for his constant grace showered on us

and his increasing gift of knowledge and strength that has relentlessly prevailed

our life through the entire project work.

It was such an honor and privilege for us to collect information for the

companies and share with the class. We would have not completed our project

without their immense help and co-operation.

Our sincere gratitude goes to Mr. and for guiding us

and helping to collect data and constantly counseling us through their undertaking.

We acknowledge our sincere thanks to Prof. Kasar Umesh Sir for his

guidance that made us this project materialized. Finally, we are also thankful to our

parents and friends for their encouragement and support.

We would like to thank SNJB’s KBJ COE dept of MBA and our principal

Dr.V.J.Gond for the exposure and support provided during the project.

Names of students

1- Gaziyani Md. Hasnain

Md. Khalid

2- Abu Swaleh Rafeeque

Ah.

3- Rahul O. Bhandari

4- Khushboo Mutha

5- Bhagyashree Mankar

4

INDEX

Chapter No. Chapter Name PAGE.NO

1

INDUSTRY ANALYSIS –

THE BASICS

6-16

2

PROMOTERS AND

MANAGEMENT ETHOS

17-40

3

EXTERNAL

ENVIRONMENTS

41-52

4

FINANCIALS

53-65

5

RECENT

DEVELOPEMENTS

66-73

--

REFERENCES

74

5

Introduction of the Chocolate Industry

Chocolates had its beginning in the times of the Mayas and the Aztecs when they beat

cocoa into a pulp and made bitter frothy chocolate out of them. They first became popular in

Europe in a highly unrefined form. Then the Hershey Food Company was the first to bring out

chocolates in the currently popular solid form. The main ingredients of chocolate is cocoa grown

mainly on equatorial zones and of the consumers looks for variety he goes in for some of that

company’s own sugar milk solids and permitted emulsifiers. Cocoa constitutes nearly 40% of the

total raw material cost.

The following report studies the chocolate industry in India and in particular the position

of the chocolate brand - Cadbury. The brand name chosen is the umbrella brand as it was felt

that the corporate name is recognized as brand not so much its individual products. The study

focuses on the marketing and the advertising, employed by Cadbury in the context of the Indian

macro environment and industry structure. The advertising strategy is studied with respect to

Cadburys business and marketing objectives. The strategies adopted are then analyzed for each

product offering. Considering the strategies of Cadburys major competitor follows the analysis,

nestle India ltd. to get an understanding as to where Cadburys stands.

6

CCHHAAPPTTEERR –– 11

INDUSTRY ANALYSIS – THE BASICS

Nature of Industry

7

The chocolate industry in India works at different levels that include chocolate giants

like Cadbury's , Dairy Milk, etc, small chocolate manufacturers, chocolate retailers, chocolate

importers and people who make chocolates at home.

Diversification and innovation is the need of the hour and chocolatiers are exactly

doing that to increase their client-base.

The population of India presents multiple avenues for companies to foray into India.

"The regulatory environment, too, has become conducive for foreign players to operate in the

country. There is immense scope that the country presents to players in terms of hiring home

grown talent to grow business, given the educational boom. This clearly means that the three

main factors like demand for products, conducive regulations and customized talent are abundant

in India, which makes it inevitable for foreign players to ignore India

Malt- and chocolate-based drinks are often seen as relatively unsophisticated in

developed markets in the west, but in many countries, in particular in Latin America, they are big

business indeed, marketed mostly as an excellent source of nutrition in countries where food

quality is often poor. But improving sales in other countries will depend on finding a premium

positioning.

Global retail volume sales of both malted and chocolate-based hot drinks reached

956,702 tones in 2003, according to a recent report from market analysts Euro monitor, with

Latin America alone accounting for over one third of total sales.

Indeed, Latin America accounts for two of the top three markets for chocolate-based

drinks (Brazil and Mexico, the third being Spain), and manufacturers are increasingly focusing

their marketing efforts on young people in these countries, according to the report.

This goes hand-in-hand with the widespread introduction of value-added products in

these markets. In recent years, for example, the Mexican market saw the launch of a number of

chocolate-based powders in new packaging, formats and formulas - often with new flavors.

These products generally targeted consumers prepared to pay a premium, though some were

aimed at low-income segments of the population, according to Euro monitor.

Brazilian manufacturers also met consumer demand by offering premium chocolate-

based products, helped by the fact that Brazilian consumers are more aware of health issues than

many of their Latin American counterparts. Brazilian consumers often upgrade by purchasing

healthier chocolate-based products such as low-calorie and diabetic-friendly alternatives, Euro

8

monitor said, highlighting the 2003 launch of Toddy Light by PepsiCo as an example of this

trend.

Malt drinks, meanwhile, are most popular in India, which accounts for 22 per cent of the

world’s retail volume sales. They are traditionally consumed as milk substitutes there and

marketed as a nutritious drink, mainly consumed by the old, the young and the sick. Sales have

also been aided by improved retail and distribution in recent years, combined with a large child

and youth consumer base, the report said.

India also recorded the highest growth (53 per cent in US$ terms) during 1998-2003,

again spurred by consumers trading up to value-added products. In 2003, for example, Glaxo

Smith Kline re-launched Horlicks for Kids, specifically targeted at young children, as well as

launching Horlicks in three new flavors.

With its Horlicks brand (often seen as an old-fashioned drink in its home market in the

UK) Glaxo Smith Kline in fact accounts for 70 per cent of malt-based hot drinks, with India

alone contributing nearly 60 per cent of the company’s global sales of the product. Other major

players include Cadbury Schweppes and Nestlé. But if developing nations have a growing taste

for malt- and chocolate-based drinks, other more sophisticated markets have yet to catch on.

Indeed, the report shows that the performance of malt- and chocolate-based drinks in mature

western markets was characterized by of stagnation and decline during 1998-2003. The US, for

example, has seen a sharp decline in value sales of both malt- and chocolate-based drinks over

the past few years, mainly as these products largely remained outside the overarching consumer

trend for premium and healthy products. In fact, malt-based drinks have an almost negligible

presence in the US, with manufacturers largely failing to attract the important child and youth

consumer groups – a category more interested in soft drinks.

The performance of malt- and chocolate-based drinks in Western Europe was more

positive than that of the US, but nonetheless there was little in the way of growth during 1998-

2003. A relative lack of innovation and marketing activities, allied to demographic factors such

as falling birth rates, saw important western European markets such as Germany record modest

growth, according to Euro monitor.

The warmer winters experienced in Western Europe in recent years also contributed to

the lower demand for chocolate- and malt based drinks. The UK experienced sharp decline of 13

9

per cent in retail volume terms in malt-based drinks and only moderate growth in chocolate

drinks during 1998-2008.

PPLLAAYYEERRSS IINN TTHHEE IINNDDUUSSTTRRYY

11.. CCAADDBBUURRYY''SS IINNDDIIAA LLIIMMIITTEEDD

22.. NNEESSTTLLEE IINNDDIIAA

33.. AAMMUULL IINNDDIIAA

44.. GGUUJJAARRAATT CCOO--OOPPEERRAATTIIVVEE MMIILLKK MMAARRKKEETTIINNGG FFEEDDEERRAATTIIOONN

55.. CCOOCCOOAA MMAANNUUFFAACCTTUURREESS AANNDD PPRROOCCEESSSSOORRSS CCOO--OOPPEERRAATTIIVVEE ((CCAAMMPPCCOO))

66.. BBAARRSS CCOOUUNNTT LLIINNEESS WWAAFFEERR PPAANNNNEEDD PPRREEMMIIUUMM

77.. 55--SSTTAARR,, MMIILLKK

88.. MMAARRSS CCHHOOCCOOLLAATTEE

99.. KKRRAAFFTTSS FFOOOODD

1100.. FFEERRRREERROO

MMAARRKKEETT SSHHAARREE

10

CCLLAASSSSIIFFIICCAATTIIOONN OOFF

PPLLAAYYEERRSS

MMAARRKKEETT LLEEAADDEERR

•• CCAADDBBUURRYY

CCHHAALLLLEENNGGEERRSS

•• NNEESSTTLLEE IINNDDIIAA

•• AAMMUULL IINNDDIIAA

FFOOLLLLOOWWEERRSS

•• CCAAMMPPCCOO

•• BBAARR CCOOUUNNTT

NNIICCHHEERRSS

•• MMAARRSS IINNCC..

•• TTRREEAATT PPEERRKK

11

PPOOSSIITTIIOONNIINNGG AANNDD SSTTRRAATTEEGGIIEESS OOFF KKEEYY PPLLAAYYEERRSS

11 -- DDAAIIRRYY MMIILLKK

•• TTHHEE CCAADDBBUURRYY AADD CCAAMMPPAAIIGGNN DDEESSIIGGNNIINNGG TTEEAAMM AATT SSAAAATTCCHHII AANNDD SSAAAATTCCHHII AAIIMMEEDD

AATT FFIIRRSSTT RREETTAAIINNIINNGG SSHHOOPPPPEERRSS AANNDD EENNSSUURREE TTHHAATT TTHHEEYY DDOO NNOOTT MMOOVVEE TTOO OOTTHHEERR

BBRRAANNDDSS.. TTHHEE CCAADDBBUURRYY RRIICCHH DDRRYY FFRRUUIITT CCOOLLLLEECCTTIIOONN WWAASS PPRROOJJEECCTTEEDD AASS TTHHEE UULLTTIIMMAATTEE

GGIIFFTTIINNGG SSOOLLUUTTIIOONN FFOORR FFEESSTTIIVVAALLSS LLIIKKEE DDIIWWAALLII..

•• TTHHEE CCAAMMPPAAIIGGNN AAIIMMEEDD AATT CCRREEAATTIINNGG AA PPLLAATTFFOORRMM FFOORR CCHHOOCCOOLLAATTEESS TTHHAATT

SSUUPPEERRSSEEDDEEDD AALLLL KKIINNDDSS OOFF GGIIFFTTSS AANNDD OOTTHHEERR FFOORRMMSS OOFF SSWWEEEETT.. TTHHEE CCAAMMPPAAIIGGNN

CCOOMMMMUUNNIICCAATTIIOONN WWAASS TTOO BBEE DDOONNEE IINN SSUUCCHH AA WWAAYY TTHHAATT IITT IISS PPRROOJJEECCTTEEDD TTHHAATT EEAACCHH AANNDD

EEVVEERRYY RRAANNGGEE OOFF CCAADDBBUURRYY CCHHOOCCOOLLAATTEE AANNDD TTOOFFFFEEEE CCOOLLLLEECCTTIIOONN IISS HHIIGGHHLLIIGGHHTTEEDD.. TTHHEE

IIDDEEAA WWAASS TTOO SSHHOOWW TTHHAATT CCAADDBBUURRIIEESS OOWWNNEEDD TTHHEE GGIIFFTTIINNGG SSPPAACCEE..

•• WWIITTHH TTHHEE HHEELLPP OOFF SSAABB RREETTAAIILL SSOOLLUUTTIIOONNSS,, TTHHEE CCAADDBBUURRYY CCEELLEEBBRRAATTIIOONNSS

CCAAMMPPAAIIGGNN WWAASS CCRREEAATTEEDD IINN SSUUCCHH AA WWAAYY TTHHAATT SSHHOOPPPPEERRSS CCOOUULLDD BBRROOWWSSEE TTHHRROOUUGGHH TTHHEE

EENNTTIIRREE CCOOLLLLEECCTTIIOONN AATT OONNEE PPLLAACCEE..

•• SSPPEECCIIAALL DDIISSPPLLAAYYSS UUNNIITTSS OOFF SSIIZZEE 1100**1100 FFTT WWEERREE CCRREEAATTEEDD AANNDD AASSSSEEMMBBLLEEDD IINN

OONNEE SSTTOORREE..

•• MMEEGGAA DDIISSPPLLAAYY UUNNIITTSS WWEERREE CCRREEAATTEEDD IINN SSTTOORREESS LLIIKKEE RREELLIIAANNCCEE MMAARRTT,, SSTTAARR BBAAZZAAAARR

WWIITTHH AA HHEEIIGGHHTT OOFF 1100 ** 1100**99..

•• FFLLOOOORR SSTTAACCKK CCLLAADDDDIINNGGSS WWEERREE UUSSEEDD IINN HHYYPPEERR CCIITTYY AANNDD MMEETTRROO CCAASSHH AANNDD

CCAARRRRYY WWIITTHH AA HHEEIIGGHHTT OOFF 66**66 AANNDD BBIIGGGGEERR..

•• BBEESSIIDDEESS TTHHEESSEE AA VVAARRIIEETTYY OOFF DDIISSPPLLAAYY TTOOOOLLSS LLIIKKEE SSTTAANNDDEEEE,, BBOOXX GGAATTEESS,, GGOONNDDOOLLAA

BBRRAANNDDIINNGG WWEERREE DDEEPPLLOOYYEEDD AACCRROOSSSS VVAARRIIOOUUSS HHYYPPEERR MMAARRKKEETTSS AACCRROOSSSS IINNDDIIAA..

•• TTHHEE IIMMPPAACCTT OOFF CCAAMMPPAAIIGGNN WWAASS FFEELLTT AALLLL AACCRROOSSSS IINNDDIIAA AANNDD PPRROOJJEECCTTEEDD TTHHEE BBRRAANNDDSS

AASS AANN UULLTTIIMMAATTEE GGIIFFTTIINNGG SSOOLLUUTTIIOONN..

12

22 -- AAMMUULL IINNDDIIAA

TTHHEE TTAAGG LLIINNEE ""FFOORR SSOOMMEEOONNEE YYOOUU LLOOVVEE"",, AAGGAAIINN SSYYMMBBOOLLIIZZIINNGG IITT AASS SSOOMMEETTHHIINNGG VVEERRYY

PPRREECCIIOOUUSS FFOORR YYOOUURR LLOOVVEEDD OONNEE CCRREEAATTIINNGG AA NNIICCHHEE IIMMAAGGEE..

FFOORR PPEEOOPPLLEE WWHHOO AARREE VVEERRYY BBRRAANNDD,, TTAASSTTEE,, QQUUAALLIITTYY CCOONNSSCCIIOOUUSS..

AAMMUULL CCHHOOCCOOLLAATTEE AADDSS AALLWWAAYYSS HHAADD AANN EEMMOOTTIIOONNAALL AAPPPPEEAALL JJUUSSTTIIFFYYIINNGG TTHHEE TTAAGGLLIINNEE..

LLOOTT OOFF VVAARRIIEETTIIEESS OOFF CCHHOOCCOOLLAATTEESS FFRROOMM DDIIFFFFEERREENNTT FFLLAAVVOOUURRSS TTOO FFRRUUIITT AANNDD NNUUTT TTOO

DDAARRKK CCHHOOCCOOLLAATTEE CCAATTEERRIINNGG TTOO TTHHEE TTAASSTTEESS OOFF AALLLL TTHHEE CCOONNSSUUMMEERRSS..

AALLSSOO DDIIFFFFEERREENNTT PPAACCKKAAGGIINNGG FFOORR DDIIFFFFEERREENNTT FFLLAAVVOOUURRSS AANNDD FFOORR DDIIFFFFEERREENNTT

FFEESSTTIIVVAALLSS..

TTWWOO CCUUTTEE BBAABBIIEESS AALLWWAAYYSS TTHHEERREE FFOORR AAMMUULL CCHHOOCCOOLLAATTEE AADDSS..

13

33 –– NNEESSTTLLEE IINNDDIIAA

•• NNEESSTTLLÉÉ IINNDDIIAA PPUUTT IITT,, ""IITT IISS TTHHEE RREESSUULLTT OOFF AANN EEXXPPEERRIIEENNCCEE OOFF 113355 YYEEAARRSS TTHHAATT NNEESSTTLLÉÉ

GGIIVVEESS UUSS ‘‘GGOOOODD FFOOOODD,, GGOOOODD LLIIFFEE‘‘..""

•• NNEESSTTLLÉÉ PPRRIIMMAARRIILLYY FFOOCCUUSSEESS OONN TTHHEE AARREEAASS WWHHEERREE IITT CCAANN BBEE TTHHEE MMAARRKKEETT LLEEAADDEERR..

•• IITT BBEELLIIEEVVEESS TTHHAATT OONNEE CCAANNNNOOTT TTAAKKEE AA CCOOMMPPEETTIITTOORR HHEEAADD--OONN WWHHEERREE TTHHEE LLAATTTTEERR

AALLRREEAADDYY HHAASS CCOONNSSIIDDEERRAABBLLEE CCOOMMPPEETTIITTIIVVEE AADDVVAANNTTAAGGEE.. SSOO TTHHEE FFOOCCUUSS IISS TTOO EEXXPPLLOORREE

OOTTHHEERR AARREEAASS..

•• IITT DDEEVVEELLOOPPSS NNEEWW PPRROODDUUCCTTSS LLIIKKEE MMUUNNCCHH,, WWHHIICCHH AARREE SSOOMMEEWWHHAATT NNEEWW IINN CCOONNCCEEPPTT AANNDD

TTAAKKEE NNEESSTTLLÉÉ TTOO TTHHEE LLEEAADDIINNGG PPOOSSIITTIIOONN.. NNEESSTTLLÉÉ IINNDDIIAA HHAASS IITTSS OOWWNN LLOOCCAALL AAPPPPLLIICCAATTIIOONN

LLAABBOORRAATTOORRIIEESS TTOO BBEE AABBLLEE TTOO AACCCCEESSSS MMOODDEERRNN TTEECCHHNNOOLLOOGGYY AANNDD TTOO CCHHEECCKK TTHHAATT TTHHEE

CCHHOOCCOOLLAATTEESS MMEEEETT CCEERRTTAAIINN QQUUAALLIITTYY SSTTAANNDDAARRDDSS.. NNEESSTTLLÉÉ CCHHOOCCOOLLAATTEESS AARREE MMOORREE HHEEAATT--

RREESSIISSTTAANNTT TTHHAANN TTHHEE OOTTHHEERR CCHHOOCCOOLLAATTEESS IINN TTHHEE MMAARRKKEETT..

•• TTHHEE CCOOMMPPAANNYY HHAAVVIINNGG SSUUCCHH BBEELLIIEEFFSS OOUUGGHHTT TTOO HHAAVVEE TTHHEE SSEECCOONNDD HHIIGGHHEESSTT MMAARRKKEETT

SSHHAARREE IINN TTHHEE IINNDDIIAANN AASS WWEELLLL AASS TTHHEE WWOORRLLDD CCHHOOCCOOLLAATTEESS AANNDD CCOONNFFEECCTTIIOONNEERRYY

MMAARRKKEETT.. IITT IISS CCOONNSSIISSTTEENNTTLLYY BBRRIIDDGGIINNGG TTHHEE GGAAPP BBEETTWWEEEENN IITTSS PPOOSSIITTIIOONN AANNDD TTHHEE

LLEEAADDEERR’’SS PPOOSSIITTIIOONN,, WWIITTHH TTHHEE HHEELLPP OOFF IITTSS FFLLAAGGSSHHIIPP BBRRAANNDDSS NNEESSTTLLÉÉ KKIITT--KKAATT,, NNEESSTTLLÉÉ

MMUUNNCCHH AANNDD NNEESSTTLLÉÉ MMIILLKK CCHHOOCCOOLLAATTEE ((NNEESSTTLLÉÉ MMIILLKKYY BBAARR))..

14

GGEEOOGGRRAAPPHHIICCAALL SSPPRREEAADD

11 -- CCAADDBBUURRYY

15

22 -- NNEESSTTLLEE

16

WWOORRLLDDWWIIDDEE MMAARRKKEETT SSHHAARREE OOFF AALLLL PPLLAAYYEERRSS OOFF CCHHOOCCOOLLAATTEE WWOORRLLDD

PPRROOFFEESSSSIIOONNAALL TTRRAADDEE BBOODDIIEESS

11.. FFIINNEE CCHHOOCCOOLLAATTEE IINNDDUUSSTTRRYY AASSSSOOCCIIAATTIIOONN ((FFCCIIAA))

22.. AAMMEERRIICCAANN AASSSSOOCCIIAATTIIOONN OOFF CCAANNDDYY TTEECCHHNNOOLLOOGGIISSTTSS ((AAAACCTT))

33.. NNAATTIIOONNAALL CCOONNFFEECCTTIIOONNEERRSS AASSSSOOCCIIAATTIIOONN

44.. TTHHEE AASSSSOOCCIIAATTEEDD CCHHAAMMBBEERRSS OOFF CCOOMMMMEERRCCEE AANNDD IINNDDUUSSTTRRYY OOFF IINNDDIIAA

17

CCHHAAPPTTEERR –– 22

PROMOTERS AND MANAGEMENT ETHOS

PROMOTERS AND MANAGEMENT ETHOS

BBAACCKKGGRROOUUNNDD OOFF TTOOPP 33 PPLLAAYYEERRSS

18

11-- CCAADDBBUURRYY

JJOOHHNN CCAADDBBUURRYY WWAASS BBOORRNN IINN BB’’HHAAMM TTOO RRIICCHHAARRDD CCAADDBBUURRYY WWHHOO WWAASS FFRROOMM AA WWEEAALLTTHHYY

QQUUAAKKEERR FFAAMMIILLYY IINN UU..KK.. IINN 11779977..

EESSTTAABBLLIISSHH CCAAUUSSEE WWAASS AALLCCOOHHOOLL..

TTEEAA DDEEAALLEERR IINN 11881188 IINN LLEEEEDDSS..

RREETTUURRNNIINNGG TTOO BB’’HHAAMM IINN 11882244 && OOPPEENNEEDD AA SSHHOOPP AATT BBUULLLL SSTTRREEEETT..

11883311--RREENNTTEEDD FFAACCTTOORRYY FFOORR DDRRIINNKKIINNGG CCHHOOCCOOLLAATTEE && CCOOCCOOAA..

LLAARRGGEERR FFAACCTTOORRYY WWIITTHH HHIISS BBRROOTTHHEERR BBEENNJJAAMMIINN AANNDD SSTTAARRTTEEDD SSEELLLLIINNGG 1166 TTYYPPEE OOFF

DDRRIINNKKIINNGG CCHHOOCCOOLLAATTEESS -- LLAARRGGEESSTT TTIILLLL 11996600SS..

BBOOTTHH BBRROOTTHHEERRSS BBEECCAAMMEE PPAARRTTNNEERR IINN 11884488 FFOORR 77 YYEEAARRSS..

FFOOUUNNDDEEDD FFAACCTTOORRYY IINN BBOOUURRNNVVIILLLLEE IINN 11886611-- LLAARRGGEESSTT CCHHOOCCOOLLAATTEE PPRROODDUUCCTTIIOONN IINN UU..KK....

19

OOPPEENNEEDD AANN OOFFFFIICCEE IINN LLOONNDDOONN && RREECCEEIIVVEEDD AA RROOYYAALL WWAARRRRAANNTT AASS AA MMAANNUUFFAACCTTUURREERR OOFF

CCHHOOCCOOLLAATTEE AANNDD CCOOCCOOAA TTOO QQUUEEEENN VVIICCTTOORRIIAA IINN 11885544..

11889977-- MMAANNUUFFAACCTTUURREEDD 11SSTT MMIILLKK CCHHOOCCOOLLAATTEE.. IINN 11889999 FFAACCTTOORRYY EEMMPPLLOOYYEEDD 22,,660000 PPEEOOPPLLEE

AANNDD BBEECCAAMMEE CCOORRPPOORRAATTEE..

11995500-- CCAADDBBUURRYY OOPPEENNEEDD IITTSS FFIIRRSSTT OOVVEERRSSEEAASS FFAACCTTOORRYY NNEEAARR HHOOBBAARRTT,, TTAASSMMAANNIIAA

11996699 -- CCAADDBBUURRYY MMEERRGGEEDD WWIITTHH SSCCHHWWEEPPPPEESS TTOO FFOORRMM CCAADDBBUURRYY SSCCHHWWEEPPPPEESS.. SSCCHHWWEEPPPPEESS

WWAASS AA WWEELLLL--KKNNOOWWNN BBRRIITTIISSHH BBRRAANNDD TTHHAATT MMAANNUUFFAACCTTUURREEDD CCAARRBBOONNAATTEEDD MMIINNEERRAALL

WWAATTEERR AANNDD SSOOFFTT DDRRIINNKKSS..

TTOODDAAYY CCAADDBBUURRYY SSCCHHWWEEPPPPEESS IISS TTHHEE LLAARRGGEESSTT CCOONNFFEECCTTIIOONNEERRYY CCOOMMPPAANNYY IINN TTHHEE WWOORRLLDD,,

EEMMPPLLOOYYIINNGG MMOORREE TTHHAANN 7700,,000000 EEMMPPLLOOYYEEEESS..

CCAADDBBUURRYY IINNDDIIAA

IINN IINNDDIIAA,, CCAADDBBUURRYY BBEEGGAANN IITTSS OOPPEERRAATTIIOONNSS IINN 11994488 BBYY IIMMPPOORRTTIINNGG CCHHOOCCOOLLAATTEESS..

IITT TTOODDAAYY HHAASS 55 CCOOMMPPAANNYY--OOWWNNEEDD MMAANNUUFFAACCTTUURRIINNGG FFAACCIILLIITTIIEESS AATT TTHHAANNEE,, IINNDDUURRII

20

((PPUUNNEE)),, MMAALLAANNPPUURR ((GGWWAALLIIOORR)),, BBAANNGGAALLOORREE && BBAADDDDII ((HHIIMMAACCHHAALL PPRRAADDEESSHH)) && 55

SSAALLEESS OOFFFFIICCEESS IINN 55 MMEETTRROOSS.. TTHHEE CCOORRPPOORRAATTEE OOFFFFIICCEE IISS IINN MMUUMMBBAAII..

IITT WWOORRKKSS AASS TTEEAAMMSS TTOO CCOONNVVEERRTT PPRROODDUUCCTTSS IINNTTOO BBRRAANNDDSS..

CCAADDBBUURRYY EENNJJOOYYSS AA VVAALLUUEE MMAARRKKEETT SSHHAARREE OOFF OOVVEERR 7700%% -- TTHHEE HHIIGGHHEESSTT CCAADDBBUURRYY

BBRRAANNDD SSHHAARREE IINN TTHHEE WWOORRLLDD!! TTHHEE BBRRAANNDD CCAADDBBUURRYY DDAAIIRRYY MMIILLKK IISS CCOONNSSIIDDEERREEDD

TTHHEE ""GGOOLLDD SSTTAANNDDAARRDD"" FFOORR CCHHOOCCOOLLAATTEESS IINN IINNDDIIAA.. TTHHEE PPUURREE TTAASSTTEE OOFF CCDDMM

DDEEFFIINNEESS TTHHEE CCHHOOCCOOLLAATTEE TTAASSTTEE FFOORR TTHHEE IINNDDIIAANN CCOONNSSUUMMEERR

22-- NNEESSTTLLEE

21

22

•• NNEESSTTLLEE WWAASS FFOOUUNNDDEEDD IINN 11886677 IINN GGEENNEEVVAA,, SSWWIITTZZEERRLLAANNDD BBYY HHEENNRRII

NNEESSTTLLEE.. NNEESSTTLLEE''SS FFIIRRSSTT PPRROODDUUCCTT WWAASS ""FFAARRIINNEE LLAACCTTEEEE NNEESSTTLLEE"",, AANN IINNFFAANNTT

CCEERREEAALL..

•• IINN 11990055,, NNEESSTTLLEE AACCQQUUIIRREEDD TTHHEE AANNGGLLOO--SSWWIISSSS CCOONNDDEENNSSEEDD MMIILLKK CCOOMMPPAANNYY..

•• NNEESSTTLLÉÉ''SS RREELLAATTIIOONNSSHHIIPP WWIITTHH IINNDDIIAA SSTTAARRTTEEDD IINN 11991122..

•• IITT BBEEGGAANN TTRRAADDIINNGG AASS TTHHEE NNEESSTTLLÉÉ AANNGGLLOO--SSWWIISSSS CCOONNDDEENNSSEEDD MMIILLKK

CCOOMMPPAANNYY ((AAFFTTEERR IINNDDIIAA''SS IINNDDEEPPEENNDDEENNCCEE IINN 11994477,, TTHHEE EECCOONNOOMMIICC PPOOLLIICCIIEESS

OOFF TTHHEE IINNDDIIAANN GGOOVVEERRNNMMEENNTT EEMMPPHHAASSIISSEEDD TTHHEE NNEEEEDD FFOORR LLOOCCAALL PPRROODDUUCCTTIIOONN..

•• NNEESSTTLLÉÉ RREESSPPOONNDDEEDD TTOO IINNDDIIAA''SS AASSPPIIRRAATTIIOONNSS BBYY FFOORRMMIINNGG AA CCOOMMPPAANNYY IINN

IINNDDIIAA AANNDD SSEETT UUPP IITTSS FFIIRRSSTT FFAACCTTOORRYY IINN 11996611 AATT MMOOGGAA,, PPUUNNJJAABB..

NNEESSTTLLEE IINNDDIIAA

•• NNEESSTTLLÉÉ IINNDDIIAA’’SS FFIIRRSSTT PPRROODDUUCCTTIIOONN FFAACCIILLIITTYY,, SSEETT UUPP IINN 11996611 AATT MMOOGGAA

((PPUUNNJJAABB)),, WWAASS FFOOLLLLOOWWEEDD SSOOOONN AAFFTTEERR BBYY IITTSS SSEECCOONNDD PPLLAANNTT,, SSEETT UUPP AATT

CCHHOOLLAADDII ((TTAAMMIILL NNAADDUU)),, IINN 11996677.. CCOONNSSEEQQUUEENNTTLLYY,, NNEESSTTLLÉÉ IINNDDIIAA SSEETT UUPP

FFAACCTTOORRIIEESS IINN NNAANNJJAANNGGUUDD ((KKAARRNNAATTAAKKAA)),, IINN 11998899,, AANNDD SSAAMMAALLKKHHAA

((HHAARRYYAANNAA)),, IINN 11999933..

•• TTHHIISS WWAASS SSUUCCCCEEEEDDEEDD BBYY TTHHEE CCOOMMMMIISSSSIIOONNIINNGG OOFF TTWWOO MMOORREE FFAACCTTOORRIIEESS -- AATT

PPOONNDDAA AANNDD BBIICCHHOOLLIIMM,, GGOOAA,, IINN 11999955 AANNDD 11999977 RREESSPPEECCTTIIVVEELLYY..

•• TTHHEE SSEEVVEENNTTHH FFAACCTTOORRYY WWAASS SSEETT UUPP AATT PPAANNTTNNAAGGAARR,, UUTTTTAARRAAKKHHAANNDD,, IINN

22000066..

•• TTHHEE 88TTHH FFAACCTTOORRYY WWAASS SSEETT UUPP AATT TTAAHHLLIIWWAALL,, HHIIMMAACCHHAALL PPRRAADDEESSHH,, IINN 22001122..

23

24

NNEESSTTLLEE IINNDDIIAA IISS AA SSUUBBSSIIDDIIAARRYY OOFF NNEESSTTLLEE SS..AA.. OOFF SSWWIITTZZEERRLLAANNDD.. NNEESSTTLLEE IINNDDIIAA

MMAANNUUFFAACCTTUURREESS AA VVAARRIIEETTYY OOFF FFOOOODD PPRROODDUUCCTTSS SSUUCCHH AASS IINNFFAANNTT FFOOOODD,, MMIILLKK PPRROODDUUCCTTSS,,

BBEEVVEERRAAGGEESS,, PPRREEPPAARREEDD DDIISSHHEESS && CCOOOOKKIINNGG AAIIDDSS,, AANNDD CCHHOOCCOOLLAATTEESS && CCOONNFFEECCTTIIOONNAARRYY..

SSOOMMEE OOFF TTHHEE FFAAMMOOUUSS BBRRAANNDDSS OOFF NNEESSTTLLEE AARREE NNEESSCCAAFFEE,, MMAAGGGGII,, MMIILLKKYYBBAARR,, MMIILLOO,,

KKIITT KKAATT,, BBAARR--OONNEE,, MMIILLKKMMAAIIDD,, NNEESSTTEEAA,, NNEESSTTLLEE MMIILLKK,, NNEESSTTLLEE SSLLIIMM MMIILLKK,,

NNEESSTTLLEE FFRREESSHH ''NN'' NNAATTUURRAALL DDAAHHII AANNDD NNEESSTTLLEE JJEEEERRAA RRAAIITTAA..

25

33-- AAMMUULL

FFOORRMMEEDD IINN 11994466,, IISS AA DDAAIIRRYY CCOOOOPPEERRAATTIIVVEE MMOOVVEEMMEENNTT IINN IINNDDIIAA..

AA BBRRAANNDD NNAAMMEE MMAANNAAGGEEDD BBYY GGUUJJAARRAATT CCOO--OOPPEERRAATTIIVVEE MMIILLKK MMAARRKKEETTIINNGG

FFEEDDEERRAATTIIOONN((GGCCMMMMFF))

JJOOIINNTTLLYY OOWWNNEEDD BBYY 22..7799 MMIILLLLIIOONN MMIILLKK PPRROODDUUCCEERRSS IINN GGUUJJAARRAATT

SSPPUURRRREEDD TTHHEE WWHHIITTEE RREEVVOOLLUUTTIIOONN OOFF IINNDDIIAA,, WWHHIICCHH HHAASS MMAADDEE IINNDDIIAA TTHHEE LLAARRGGEESSTT

PPRROODDUUCCEERR OOFF MMIILLKK AANNDD MMIILLKK PPRROODDUUCCTTSS IINN TTHHEE WWOORRLLDD..

AAMMUULL AABBRROOAADD

26

OOVVEERRSSEEAASS MMAARRKKEETTSS -- MMAAUURRIITTIIUUSS,, UUAAEE,, UUSSAA,, BBAANNGGLLAADDEESSHH,, AAUUSSTTRRAALLIIAA,, CCHHIINNAA,,

SSIINNGGAAPPOORREE,, HHOONNGG KKOONNGG AANNDD AA FFEEWW SSOOUUTTHH AAFFRRIICCAANN CCOOUUNNTTRRIIEESS

FFRREESSHH PPLLAANNSS OOFF FFLLOOOODDIINNGG TTHHEE MMAARRKKEETTSS OOFF JJAAPPAANN && SSRRII LLAANNKKAA..

DDRR VVEERRGGHHEESSEE KKUURRIIEENN,, FFOORRMMEERR CCHHAAIIRRMMAANN OOFF TTHHEE GGCCMMMMFF --TTHHEE MMAANN BBEEHHIINNDD TTHHEE

SSUUCCCCEESSSS OOFF AAMMUULL..

HHAASS AA 1155%% MMAARRKKEETT SSHHAARREE IINN TTHHEE RRSS 1155,,000000 CCRROORREE MMIILLKK CCAATTEEGGOORRYY,, AANNDD AA 3377%% SSHHAARREE

IINN TTHHEE RRSS 990000 CCRROORREE OORRGGAANNIIZZEEDD IICCEE--CCRREEAAMM SSEEGGMMEENNTT..

BBAACCKKGGRROOUUNNDD OOFF BBOOTTTTOOMM 33 PPLLAAYYEERRSS

27

11-- MMAARRSS--WWRRIIGGLLEEYY

•• TTYYPPEE :: PPRRIIVVAATTEE

•• IINNDDUUSSTTRRYY :: CCOONNFFEECCTTIIOONNAARRYY

•• FFOOUUNNDDEEDD :: 11991111 IINN TTAACCOOMMAA,, WWAASSHHIINNGGTTOONN,, UUSSAA..

•• FFOOUUNNDDEERR :: FFRRAANNKK CC..MMAARRSS

•• PPRROODDUUCCTTSS :: MMIILLKKYY WWAAYY,, BBOOUUNNTTYY,, MMAARRSS,, SSNNIICCKKEERRSS..

•• RREEVVEENNUUEE:: UUSS$$3300 BBIILLLLIIOONN

22-- KKRRAAFFTT FFOOOODDSS

TTYYPPEE :: PPUUBBLLIICC

28

IINNDDUUSSTTRRYY :: FFOOOODD PPRROOCCEESSSSIINNGG..

FFOOUUNNDDEEDD :: EENNGGLLEEWWOOOODD,, CCHHIICCAAGGOO,, UUSSAA

PPRROODDUUCCTTSS :: IICCEE CCRREEAAMM,, CCHHEEEESSEE,, MMIILLKK..

RREEVVEENNUUEE:: UUSS$$ 4400..44 BBIILLLLIIOONN

33--FFEERREERRRROO

29

TTYYPPEE :: PPRRIIVVAATTEE

IINNDDUUSSTTRRYY :: FFOOOODD

FFOOUUNNDDEEDD :: 11994466

FFOOUUNNDDEERR :: PPIIEETTRROO FFEERRRREERROO

PPRROODDUUCCTTSS :: CCOONNFFEECCTTIIOONNAARRYY..

RREEVVEENNUUEE :: 66..22 BBIILLLLIIOONN EEUURROO

30

AABBOOUUTT CCEEOOSS OOFF TTOOPP PPLLAAYYEERRSS

31

22 -- PPAAUULL BBUULLCCKKEE((CCEEOO OOFF NNEESSTTLLEE))

•• PPAAUULL BBUULLCCKKEE ((BBOORRNN 11995544)),, IISS AA BBEELLGGIIAANN BBUUSSIINNEESSSSMMAANN WWHHOO WWAASS AAPPPPOOIINNTTEEDD CCHHIIEEFF

EEXXEECCUUTTIIVVEE OOFFFFIICCEERR ((CCEEOO)) OOFF NNEESSTTLLÉÉ OONN 2200 SSEEPPTTEEMMBBEERR 22000077 AANNDD OOFFFFIICCIIAALLLLYY SSTTAARRTTEEDD

IINN HHIISS NNEEWW RROOLLEE IINN AAPPRRIILL 22000088..

•• HHEE GGRRAADDUUAATTEEDD AASS AA CCOOMMMMEERRCCIIAALL EENNGGIINNEEEERR AATT TTHHEE KKAATTHHOOLLIIEEKKEE UUNNIIVVEERRSSIITTEEIITT

LLEEUUVVEENN AANNDD IISS AANN AALLUUMMNNUUSS OOFF TTHHEE VVLLEERRIICCKK LLEEUUVVEENN GGEENNTT MMAANNAAGGEEMMEENNTT SSCCHHOOOOLL.. HHEE

AALLSSOO AATTTTEENNDDEEDD TTHHEE PPRROOGGRRAAMM FFOORR EEXXEECCUUTTIIVVEE DDEEVVEELLOOPPMMEENNTT AATT TTHHEE SSWWIISSSS LLEEAADDIINNGG

BBUUSSIINNEESSSS SSCCHHOOOOLL IINNTTEERRNNAATTIIOONNAALL IINNSSTTIITTUUTTEE FFOORR MMAANNAAGGEEMMEENNTT DDEEVVEELLOOPPMMEENNTT ((IIMMDD))

IINN LLAAUUSSAANNNNEE..

•• IINN 11997799,, AAGGEEDD 2255,, HHEE SSTTAARRTTEEDD WWOORRKKIINNGG FFOORR TTHHEE NNEESSTTLLÉÉ GGRROOUUPP AANNDD WWOORRKKEEDD IINN

DDIIFFFFEERREENNTT CCOOUUNNTTRRIIEESS,, IINNCCLLUUDDIINNGG SSWWIITTZZEERRLLAANNDD,, SSPPAAIINN,, BBEELLGGIIUUMM,, PPEERRUU,, EECCUUAADDOORR,,

CCHHIILLEE,, PPOORRTTUUGGAALL,, CCZZEECCHH RREEPPUUBBLLIICC AANNDD GGEERRMMAANNYY.. BBEEFFOORREE HHIISS AAPPPPOOIINNTTMMEENNTT AASS CCEEOO

OOFF NNEESSTTLLÉÉ,, HHEE WWAASS TTHHEE HHEEAADD OOFF AAMMEERRIICCAA ((EEVVPP OOFF AAMMEERRIICCAASS DDIIVVIISSIIOONNSS))..

•• BBUULLCCKKEE HHAASS DDEESSCCRRIIBBEEDD NNEESSTTLLÉÉ UUNNDDEERR HHIISS TTEENNUURREE AASS ''UUNNEE FFOORRCCEE TTRRAANNQQUUIILLLLEE''

((EENNGGLLIISSHH:: ''CCAALLMM SSTTRREENNGGTTHH'')).. HHEE IISS KKNNOOWWNN FFOORR HHAAVVIINNGG AA RREESSEERRVVEEDD,, QQUUIIEETT PPEERRSSOONNAALL

MMAANNNNEERR..

•• OONN 2255 MMAAYY 22001122,, HHEE RREECCEEIIVVEEDD TTHHEE VVMMAA AAWWAARRDD FFRROOMM TTHHEE VVLLEERRIICCKK LLEEUUVVEENN GGEENNTT

MMAANNAAGGEEMMEENNTT SSCCHHOOOOLL FFOORR HHIISS ""LLIIFFEELLOONNGG CCAARREEEERR,, WWHHIICCHH HHAASS BBEEEENN DDIISSTTIINNGGUUIISSHHEEDD BBYY

SSUUSSTTAAIINNEEDD IINNTTEEGGRRIITTYY,, EEXXCCEEPPTTIIOONNAALL MMAANNAAGGEEMMEENNTT CCAAPPAACCIITTYY AANNDD IINNSSPPIIRRIINNGG

LLEEAADDEERRSSHHIIPP““..

32

OORRGGAANNIIZZAATTIIOONNAALL SSTTRRUUCCTTUURREESS OOFF CCHHOOCCOOLLAATTEE CCOOMMPPAANNIIEESS

11 --

33

22 --

34

CCOORRPPOORRAATTEE SSOOCCIIAALL RREESSPPOONNSSIIBBIILLIITTYY

•• CCOORRPPOORRAATTEE SSOOCCIIAALL RREESSPPOONNSSIIBBIILLIITTYY ((CCSSRR)) IISS AATT TTHHEE HHEEAARRTT OOFF OOUURR

SSUUCCCCEESSSS..

•• AATT CCAADDBBUURRYY IINNDDIIAA WWEE HHAAVVEE AALLWWAAYYSS BBEELLIIEEVVEEDD TTHHAATT GGOOOODD VVAALLUUEESS AANNDD

GGOOOODD BBUUSSIINNEESSSS GGOO HHAANNDD IINN HHAANNDD..

•• IITT''SS PPAARRTT OOFF OOUURR HHEERRIITTAAGGEE AANNDD TTHHEE WWAAYY WWEE DDOO TTHHIINNGGSS TTOODDAAYY..

•• CCSSRR IISS AABBOOUUTT GGRROOWWIINNGG OOUURR BBUUSSIINNEESSSS RREESSPPOONNSSIIBBLLYY..

MMIIGGRRAATTOORRYY BBIIRRDDSS SSTTOOPP OOVVEERR AATT BBAANNGGAALLOORREE FFAACCTTOORRYY

35

•• WWAATTEERR IISS AA PPRREECCIIOOUUSS RREESSOOUURRCCEESS.. AASS PPAARRTT OOFF CCAADDBBUURRYY IINNDDIIAA''SS EEFFFFOORRTT TTOO

CCOONNTTIINNUUOOUUSSLLYY IINNCCRREEAASSEE WWAATTEERR CCOONNSSEERRVVAATTIIOONN CCAADDBBUURRYY..

•• BBAANNGGAALLOORREE FFAACCTTOORRYY HHAASS CCOONNSSTTRRUUCCTTEEDD AA CCHHEECCKK DDAAMM TTOO SSTTOORREE TTHHEE RRAAIINNWWAATTEERR.. TTHHIISS

DDAAMM NNOOTT OONNLLYY AACCTTSS AASS AA MMAAJJOORR GGRROOUUNNDD WWAATTEERR RREEPPLLEENNIISSHHIINNGG SSOOUURRCCEE FFOORR TTHHEE BBOORREE

WWEELLLLSS IINN TTHHEE FFAACCTTOORRIIEESS AANNDD SSUURRRROOUUNNDDIINNGG CCOOMMMMUUNNIITTYY,, BBUUTT IISS AALLSSOO AA SSTTOOPPOOVVEERR

LLOOCCAATTIIOONN FFOORR SSOOMMEE OOFF TTHHEE MMIIGGRRAATTOORRYY BBIIRRDDSS..

PPIIOONNEEEERRIINNGG CCOOCCOOAA CCUULLTTIIVVAATTIIOONN IINN IINNDDIIAA

•• SSIINNCCEE 11997744 CCAADDBBUURRYY HHAASS PPIIOONNEEEERREEDD TTHHEE DDEEVVEELLOOPPMMEENNTT OOFF CCOOCCOOAA CCUULLTTIIVVAATTIIOONN IINN

IINNDDIIAA.. FFOORR OOVVEERR TTWWOO HHAAVVEE WWOORRKKEEDD WWIITTHH TTHHEE KKEERRAALLAA AAGGRRIICCUULLTTUURREE UUNNIIVVEERRSSIITTYY TTOO

UUNNDDEERRTTAAKKEE CCOOCCOOAA RREESSEEAARRCCHH AANNDD RREELLEEAASSEEDD HHYYBBRRIIDDSS TTHHAATT IIMMPPRROOVVEE TTHHEE CCOOCCOOAA YYIIEELLDD..

36

•• CCAADDBBUURRYY EEFFFFOORRTTSS HHAAVVEE IINNCCRREEAASSEEDD CCOOCCOOAA PPRROODDUUCCTTIIVVIITTYY AANNDD TTOOUUCCHHEEDD TTHHEE LLIIVVEESS OOFF

TTHHOOUUSSAANNDDSS OOFF FFAARRMMEERRSS..

BBAANNGGAALLOORREE FFAACCTTOORRYY:: TTHHEE SSUUNN SSHHIINNEESS AATT NNIIGGHHTT

•• SSUUNN SSHHIINNEE NNOOWW LLIIGGHHTTSS TTHHEE PPAATTHHWWAAYYSS OONN SSTTRREEEETTSS OOUUTT SSIIDDEE CCAADDBBUURRYY BBAANNGGAALLOORREE

FFAACCTTOORRYY AATT NNIIGGHHTT………… RRIISSIINNGG EENNEERRGGYY CCOOSSTTSS.. AANNDD 330000 SSUUNNNNYY DDAAYYSS AA YYEEAARR,, IINNSSPPIIRREEDD

TTHHEE FFAACCTTOORRYY TTOO IINNSSTTAALLLL 2288 SSOOLLAARR PPOOWWEERREEDD SSTTRREEEETTLLIIGGHHTTSS..

•• IITT WWIILLLL RREEDDUUCCEE AANNNNUUAALL CCAARRBBOONN DDIIOOXXIIDDEE ((AA MMAAJJOORR GGRREEEENNHHOOUUSSEE GGAASS)) EEMMIISSSSIIOONN BBYY TTEENN

TTOONNNNEESS,, PPLLAAYYIINNGG AA PPAARRTT IINN TTHHEE EEFFFFOORRTT TTOO RREEDDUUCCEE GGLLOOBBAALL WWAARRMMIINNGG..

•• IINN AAPPPPRREECCIIAATTIIOONN OOFF CCAADDBBUURRYY CCOOMMMMIITTMMEENNTT TTOO IIMMPPLLEEMMEENNTT EENNVVIIRROONNMMEENNTT FFRRIIEENNDDLLYY

IINNIITTIIAATTIIVVEESS,, TTHHEE KKAARRNNAATTAAKKAA SSTTAATTEE PPOOLLLLUUTTIIOONN CCOONNTTRROOLL BBOOAARRDD HHAASS HHOONNOOUURREEDD TTHHEE

BBAANNGGAALLOORREE FFAACCTTOORRYY WWIITTHH TTHHEE PPAARRIISSAARRAA PPRREEMMII ((PPRREESSEERRVVEE OOFF TTHHEE EENNVVIIRROONNMMEENNTT))

AAWWAARRDDEEDD FFOORR TTHHEE SSEECCOONNDD YYEEAARR IINN AA RROOWW..

37

NNOONN--FFOORRMMAALL SSCCHHOOOOLL SSEETT UUPP BBYY CCAADDBBUURRYY FFOORR CCHHIILLDDRREENN OOFF MMIIGGRRAANNTT

WWOORRKKEERRSS IINN BBAADDDDII

•• TTHHEE EEFFFFOORRTTSS OOFF TTHHEE BBAADDDDII FFAACCTTOORRYY TTEEAAMM OOVVEERR 5500 CCHHIILLDDRREENN OOFF MMIIGGRRAANNTT WWOORRKKEERRSS

LLIIVVIINNGG IINN AANNDD AARROOUUNNDD CCAADDBBUURRYY BBAADDDDII FFAACCTTOORRYY WWIILLLL NNOOWW HHAAVVEE DDAAIILLYY AACCCCEESSSS TTOO

NNOONN--FFOORRMMAALL EEDDUUCCAATTIIOONN.. CCAADDBBUURRYY HHAASS SSEETT UUPP AA NNOONN FFOORRMMAALL SSCCHHOOOOLL AASS PPAARRTT OOFF

CCAADDBBUURRYY CCOOMMMMIITTMMEENNTT TTOO CCRREEAATTEE PPRROOSSPPEERROOUUSS,, IINNCCLLUUSSIIVVEE AANNDD HHEEAALLTTHHYY CCOOMMMMUUNNIITTIIEESS..

•• TTHHIISS IISS TTHHEE FFIIRRSSTT PPHHAASSEE OOFF PPRROOJJEECCTT SSAAHHYYOOGG AANN 1188 MMOONNTTHH PPRROOJJEECCTT WWHHIICCHH

CCOOMMMMEENNCCEEDD IINN JJAANNUUAARRYY TTHHIISS YYEEAARR IINN PPAARRTTNNEERRSSHHIIPP WWIITTHH AANN NNGGOO RRUUCCHHII.. TTHHEE PPRROOJJEECCTT

RREEAACCHHEESS OOUUTT TTOO OOVVEERR 440000 PPOOOORR && MMAARRGGIINNAALLIISSEEDD FFAAMMIILLIIEESS IINN SSAANNDDHHOOLLII VVIILLLLAAGGEE NNEEAARR

CCAADDBBUURRYY BBAADDDDII FFAACCTTOORRYY AANNDD AAPPAARRTT FFRROOMM EEDDUUCCAATTIIOONN ..

38

GGUURRIIKKHHAA PPRROOJJEECCTT

•• IINN 11999999,, WWEE CCOOMMMMUUNNIITTYY IINNIITTIIAATTIIVVEE PPRROOGGRRAAMMMMEE UUNNDDEERR TTHHEE BBAANNNNEERR:: NNUUTTRRIITTIIOONN,,

MMAALLAANNPPUURR FFAACCTTOORRYY ((MMPP))

•• AASS AA RREESSUULLTT ,,WWEE FFOOCCUUSSEEDD OONN HHEEAALLTTHHCCAARREE AANNDD EEDDUUCCAATTIIOONN IINN TTHHEE NNEEAARRBBYY VVIILLLLAAGGEE OOFF

GGUURRIIKKHHAA..

AA NNUURRSSEERRYY SSCCHHOOOOLL WWAASS SSTTAARRTTEEDD AANNDD KKEEYY IIMMPPRROOVVEEMMEENNTTSS WWEERREE MMAADDEE IINN TTHHEE PPRRIIMMAARRYY

SSCCHHOOOOLL..

TTHHEE CCOONNSSOOLLAATTIIOONN AANNDD AA BBIITT OOFF LLAATTEERRAALL TTHHIINNKKIINNGG LLEEDD TTOO SSOOMMEE RREEAALL SSOOCCIIAALL

IIMMPPRROOVVEEMMEENNTTSS::

FFRREESSHH DDRRIINNKKIINNGG WWAATTEERR FFRROOMM AA NNEEWW VVIILLLLAAGGEE PPUUMMPP,, AA DDOOCCTTOORR ‘‘SS CCLLIINNIICC,, VVEETT SSEERRVVIICCEESS

FFOORR MMIILLKK PPRROODDUUCCIINNGG AANNIIMMAALLSS AANNDD FFRRUUIITT TTRREEEESS FFOORR EEAACCHH HHOOUUSSEEHHOOLLDD TTOO PPLLAANNTT DDUURRIINNGG

TTHHEE MMOONNSSOOOONNSS.. TTHHEEYY AALLSSOO HHEELLPPEEDD IINNCCRREEAASSEEDD AATTTTEENNDDAANNCCEE IINN SSCCHHOOOOLL..

39

IINN 22000055,, TTHHEE EEDDUUCCAATTIIOONN PPRROOGGRRAAMMMMEE SSUUPPPPOORRTTEEDD TTHHEE IINN EEMMPPOOWWEERRMMEENNTTSSPPEECCIIAALL FFOOCCUUSS

WWAASS GGIIVVEENN TTOO TTHHEE RRIIGGHHTTSS AANNDD CCOONNTTRRIIBBUUTTIIOONN OOFF GGIIRRLLSS AANNDD TTOO TTHHEE CCOOUUNNTTEERRAACCTTIIOONN OOFF

FFEEMMAALLEE IINN FFAANNTTIICCLLEE TTHHRROOUUGGHH AA VVAARRIIEETTYY OOFF IINNIITTIIAATTIIVVEESS

NNEESSTTLLEE’’SS EEDDUUCCAATTİİOONN PPRROOGGRRAAMMSS HHAAVVEE RREEAACCHHEEDD 99 MMİİLLLLİİOONN PPEEOOPPLLEE

40

NNEESSTTLLEE IINNDDİİAA SSUUPPPPOORRTTSS LLOOCCAALL SSCCHHOOOOLLSS,, TTHHEEMMAAİİNNTTEENNAANNCCEE OOFF PPUUBBLLİİCC PPAARRKKSS

AANNDD GGRREEEENN BBEELLTTSS..

BBYY CCHHAANNGGİİNNGG TTHHEE RREECCİİPPEESS OOFF İİTTSS PPRROODDUUCCTTSS,, İİTT HHAASS EELLİİMMİİNNAATTEEDD

7755,,000000 TTOONNSS OOFF TTRRAANNSS FFAATT,,

1155,,000000 TTOONNSS OOFF SSAALLTT,,

663388,,000000 TTOONNSS OOFF SSUUGGAARR

WWAATTEERR EEDDUUCCAATTİİOONN PPRROOGGRRAAMMMMEE İİNN IINNDDİİAA,, İİNNFFOORRMMEEDD TTHHEE FFAARRMMEERRSS OONN TTHHEE PPRROOPPEERR UUSSEE

OOFF WWAATTEERR..

NNEESSTTLLEE PPRROOVVİİDDEESS RRUURRAALL FFAARRMMEERRSS WWİİTTHH TTEECCHHNNİİCCAALL SSUUPPPPOORRTT VVİİAA CCHHİİLLLLİİ FFAARRMMİİNNGG

PPRROOJJEECCTT

CCHHAAPPTTEERR –– 33

41

EXTERNAL ENVIRONMENT

EXTERNAL ENVIRONMENTS

42

Regulatory Bodies

1- ICCO

• The International Cocoa Organization (ICCO) is a global organization, composed of

both cocoa producing and cocoa consuming countries with a membership. Located

in London, ICCO was established in 1973 to put into effect the first International Cocoa

Agreement which was negotiated in Geneva at a United Nations International Cocoa

Conference. There have since been seven Agreements. The Seventh International Cocoa

Agreement was negotiated in Geneva in 2010 and came into force provisionally on 1

October 2012.

• On 2 November 2005, the total percentage of exporting countries which had acceded to

the Agreement surpassed 80%. Thus, the International Cocoa Agreement, 2001 entered

into force definitively for the first time in the 30 year history of the International Cocoa

Agreements. ICCO Member countries represent almost 85% of world cocoa production

and more than 60% of world cocoa consumption. All Members are represented in the

International Cocoa Council, the highest governing body of the ICCO.

• The two most important breakthroughs of the present International Cocoa Agreement

were the establishment of an explicit mandate on a Sustainable World Cocoa Economy

and the founding of the Consultative Board on the World Cocoa Economy.

• The Consultative Board consists of fourteen international experts in the cocoa sector, all

from the private sector (seven from cocoa producing Member countries and seven from

cocoa consuming Member countries).

• However, the Board, whose mandate is as extensive as that of the International Cocoa

Council and comprises all aspects of the world cocoa economy, only functions in an

advisory capacity, as all final decisions are taken by the International Cocoa Council.

• The Consultative Board was established in recognition of the importance of the private

sector in the world cocoa economy and of the increasingly important role that trade and

industry have been playing in ICCO.

43

2- NCA

44

1. Founded in 1884 in Chicago by representatives of 69 confectionery manufacturing firms,

the National Confectioners Association is one of the oldest trade associations in the

world.

2. It is currently based in Washington, DC. In 2008 it merged with the Chocolate

Manufacturers Association of the USA (now called the Chocolate Council).

3. The association has 700 members, which include domestic and international

confectionery manufacturers and suppliers to the industry.

4. It aims to meet challenges and problems in the confection industry.

5. The NCA offers education and leadership in manufacturing, technical research, public

relations, retailing practices, government relations, and statistical analyses.

6. The NCA sponsors a yearly exposition of candies, gums and other snack foods at

the McCormick Place convention center in Chicago, Illinois, United States. Up to the

year 2009 the event was called the All Candy Expo, but starting in 2010 it will be called

the Sweets & Snacks EXPO. The trade show has hundreds of booths staffed by

representatives of dozens of companies debuting their latest creations.

3- FSSAI

45

1. The Food Safety and Standards Authority of India (FSSAI) is an agency of

the Ministry of Health & Family Welfare, Government of India.[ The FSSAI is

responsible for protecting and promoting public health through the regulation and

supervision of food safety.

2. The FSSAI has been established under the Food Safety and Standards Act, 2006 which is

a consolidating statute related to food safety and regulation in India.

3. The FSSAI is led by a non-executive Chairperson, appointed by the Central Government

from amongst the persons of eminence in the field of food science or from amongst the

persons from the administration who have been associated with the subject and is either

holding or has held the position of not below the rank of Secretary to the Government of

India.Mr. K.Chandramouli is the current Chairperson.

4. The executive head of FSSAI is the Chief Executive Officer .

5. The FDA has itsheadquarters at New Delhi.The agency also has 5 regional offices located

in Delhi, Guwahati, Mumbai, Kolkata and Chennai, 4 referral laboratories and 72 local

laboratories located throughout India.

ACTIONS By NCA

China to Establish National Standard for Food Grade Paraffin Wax

1. On November 19, the Standardization Administration of China (SAC) announced the

establishment of a national standard

2. with mandatory technical requirements and test methods for food grade paraffin wax.

3. The projected date of entry into force is August 19, 2010. The SAC will be accepting

public comments on the proposed

4. standard until January 19, 2010. The standard’s text, which is currently only available in

Chinese, can be found in China’s

India to Impose Trans Fats Limits for Packaged Foods

46

• According to recent media sources, the Food Safety and Standards Authority of India

(FSSAI) intends to limit the amount of trans fats that may appear in packaged foods. A

draft regulation to this effect is expected to come out some time following a November

26 meeting.

• An FSSAI spokesperson indicated that the agency would seek to limit trans fats to two to

five percent of total fat in an average diet, in line with international standards.

• FSSAI is increasing its regulation and oversight of the processed foods sector, due to its

belief that increasing incomes have boosted Indian consumption of processed foods.

India Releases Draft Changes to Labeling Requirements

47

• India’s Ministry of Health and Family Welfare (MHFW) recently published a draft amendment

outlining new labeling requirements and additive limits for various food products. The draft rule

establishes a labeling requirement for every food product that contains a mixture of acesulfame

potassium and sucralose.

• The label must state that the food product contains acesulfame potassium and sucralose and that

it is not recommended for children. The label must also state that no sugar has been added to the

product, or if sugar has been added, the label must list the quantity (in grams per 100 grams) of

sugar added. Other provisos to the amendment include:

Any food containing polyols must bear a label stating: “Polyols may have a laxative effect.”

• Modified food starches (derivative starches) may be used in snacks up to a maximum

concentration of 5% by weight.

• Maximum levels are established for hydroxypropyl methyl celluose in snacks and other

products at 1% of total volume by weight.

• Maximum levels were also set for synthetic amorphous silicon dioxide in powder

flavorings at 2.0%.

• Good manufacturing practice (GMP) levels will be required of maltitol and maltitol syrup

in baked goods and other products.

Sugarless Gum Included on Brazil’s Proposed Retaliatory Tariffs List

1. Brazil has published a list of U.S. goods on which it is proposing to impose retaliatory

tariffs. This list includes sugarless gum (HS code 2106.90.50), and although specific

retaliation levels are not listed, the regulation indicates that tariffs could be up to 100%.

2. Brazil was given the right to retaliate earlier this year by the World Trade Organization

due to reported unfair U.S. subsidies for cotton, but has not indicated if and when they

will proceed with imposing such retaliatory tariffs. The government of Brazil has made it

clear that they would prefer to resolve this dispute within the context of the Doha round.

3. Brazil is accepting comments until November 30.

48

South Korea Proposes Zero Tolerance for Salmonella in Cocoa Products and Chocolate

• The Korea Food and Drug Administration has notified the World Trade Organization

of a proposed amendment to the country’s Standards and Specifications for food that

would impose a zero tolerance level for salmonella in cocoa products and chocolates

Issues Affecting Chocolate Industry

Child Labor

1. Slave traders are trafficking boys ranging from the age of 12 to 16 from their home

countries and are selling them to cocoa farmers in Cote d'Ivoire.

2. They work on small farms across the country, harvesting the cocoa beans day and night,

under inhumane conditions.

3. Most of the boys come from neighboring Mali, where agents hang around bus stations

looking for children that are alone or are begging for food.

4. They lure the kids to travel to Cote d'Ivoire with them, and then the traffickers sell the

children to farmers in need of cheap labor

5. The horrendous conditions under which children must toil on the cocoa farms of the Cote

d'Ivoire are even more jarring when the facts are juxtaposed with the idea that much of this cocoa

49

will ultimately end upproducing something that most people associate with happiness and

pleasure: chocolate.

6 . The connection serves to illustrate that the existence of misery in one part of the world and

joy in another part are no longer divorced as nations are connected together in a globalized web

of trade.

7 . Thus, the pleasure that people from various nations around the world are deriving from these

chocolate confections could possibly be at the expense of child slaves in Africa.

8 . The problem of child slavery then is not simply a faraway abstraction with no immediate

implications for anybody else except those who are directly affected, but rather it is an issue that

everybody around the world should be concerned about and demand action to eradicate.

Environmental Issues

Deforestation

50

1. Cocoa farming also contributes to rainforest and old growth forest deforestation.By

clearing land in these forests, farmers decrease the biodiversity and interactions between

the organisms that naturally live in this area.

2. Many wildlife habitats are destroyed and the plant species diversity is drastically

reduced. Nutrients begin to leach out of the soil due to poor irrigation and inadequate soil

protection,which can increase the erosion of the soil.

3. The more intense the farming practices are, the more damaging they are to

the ecosystem. Cocoa farming becomes a destructive circle as farmers wear out the soils

and cut further into the forest to obtain fresh land. All of these processes stress the Cacao

trees and result in lower yields, giving the opposite effect to what the farmers expect from

these practices.

4. Some of the forests in Ghana and other Cocoa producing countries have been declared

protected by the government after observing the Tropical Rainforest destruction.

However, with a shortage of fresh land to plant Cacao trees, some farmers are beginning

to illegally cut down parts of these protected forests. It has been estimated that

approximately 50% of these protected forests have been cut down.

Full sun cocoa

1. Cocoa farms are generally small, family owned and operated businesses. There are

approximately 4.5 million cocoa farms around the world. The majority of cocoa farms are

located in Côte d'Ivoire and Ghana. In Ghana, Cocoa contributes 64% of all exports.

Traditional cocoa farms are planted in the shade among other crops and trees. They are

especially found in the Tropical rainforest areas. Farming cocoa beans is a long process

with many factors that can affect the farm's yearly output.

2. Farms' cocoa crop outputs struggle to match the increasing demand for chocolate. It is

estimated that the demand for chocolate will increase twofold by the year 2050.

3. Farmers have shifted towards unsustainable, less environmentally conscious practices to

meet these demands.

51

4. Some farmers have shifted their crops out of the shade and into direct sunlight. This

practice yields a greater quantity in a short period and at lower quality. Cacao trees with

no shade tend to accumulate more weeds as well as be more susceptible to diseases such

as Witches Broom and Frosty Pod Rot. If the crops begin to accumulate pests, farmers

use large amounts of herbicides to rid the crops of these pests.The herbicides used

damage the land and the health of the sprayers applying the herbicide. Excessive spraying

of pesticides can also cause the weeds and insects to build up a resistance which will

eventually create more harm to the crops

Solutions By Governments

Education

1. Through groups and programs such as the World Cocoa Foundation, Rainforest Alliance,

Roundtable for a Sustainable Cocoa Economy, and activities of regional NGOs like

Conservation Alliance, IITA and Solid aridad cocoa farming can return to its sustainable

roots through education programs and help in finding ecologically and economically

sound resources to further their farming.

2. As a last resort, some programs will help farmers to access pest control products such

as biocides as an alternative to the harmful pesticides being used. Other programs

promote proper irrigation, composting, suitable soil management, and intercropping,

meaning planting other trees and fruit crops in the surrounding land of the Cacao trees.

3. Some farmers will burn old, fermented pods and place them back on the soil as a form of

composting and fertilizer.[To stop the process of deforestation, it is suggested that

farmers replant on their current land while using the practices

Shade cacao

1. It has been suggested that Cocoa farmers go back to the original and natural ways of

farming, by planting within the natural tree-cover and without cutting down existing

trees. When an area has already been clear cut another possibility exists. Planting trees,

especially fruit trees around and within the plantation, helps with growth of Cacao

plants.

52

2. These trees can provide shade to the Cacao plants and be a source of

oxygen replenishment to the environment. If the shade trees are fruit-bearing, this can

also provide additional income to the farmer.

3. Shade trees return organic matter to the soil through falling leaf litter and decaying

branches. The shade provided by these trees also helps to keep soil moist in dry seasons

which results in less damaging irrigation practices. Shade trees will raise the amount of

infiltration and slow erosion of the soil.

4. Since shade inhibits the growth of weeds, farmers are able to use less or perhaps no

pesticides which can decrease the occurrences of Witches Broom in these crops. Cacao

plants that grow in the shade provide the environment with more biodiversity, allowing

natural populations and habitats to flourish. Finally, shade can be extremely helpful in

keeping and lengthening the productivity of old growth Cacao plants.

53

CCHHAAPPTTEERR –– 44

FINANCIALS

54

FINANCIALS

FINANCIAL STATEMENTS

Financial Statement Of Cadbury

55

Financial Statement Of Nestle

56

Financial Statement of Mars Inc.

57

Financial Statement of Kraft's Food

58

59

NNEESSTTLLEE RRAATTIIOO AANNAALLYYSSIISS

60

61

62

63

KKRRAAFFTTSS FFOOOODD RRAATTIIOO AANNAALLYYSSIISS

64

65

66

CCHHAAPPTTEERR –– 55

RECENT DEVELOPEMENTS

67

Policies affecting Players in the industry

Nestle

• Monetary policies have become the central constituent of the stabilization

strategy of different countries because it is faster and more flexible than

fiscal policy. In addition, monetary policy is secluded from political

demands. There are three main monetary tools by which it can control and

influence the money creating abilities of the commercial banking system.

They are the open market operations, reserve ratio and discount rate.

• These tools influence the money supply and affect macroeconomic factors.

These tools are important as it strikes a balance between economic growth,

low inflation, and a reasonable rate of unemployment.

68

• The amount of money circulating in the economy can be adjusted through open-market

operations, specifically with selling and acquiring government securities bonds in the

bond market.

• The federal funds rate dictates the interest charge at which commercial banks loan

balances at the Federal Reserve to other reservoir organization overnight. If the supply of

money is more than the production of goods, the government will increase interest rates

and bring money supply downward to what it deems to be the “equilibrium” level.

Likewise, if the government deems that economic expansion is more than the money

supply, which leads to deflation, interest rates are then lessened.

• The implication of a lower interest rate is that it will be cheaper for individuals to obtain

loans in new business ventures or procure goods and services. This also means dejecting

them from keeping their money in a bank since its interest is much lower. (NematNejad,

2007).

• Nestle maximizes these resources and utilizes it to engage in new investments and

develop their research project as they geared on ensuring quality products for their

consumers.

69

Impact of EXIM policy on chocolate industry

Sugars and Sugar Confectionery Import Duty, Custom Duty, Exim

Policies, Rates and Tariff India

70

EXIM Policy changes: Sweet music to FMCG ears

• FAST moving consumer goods (FMCG) have been among the key target areas for the

phase-out of quantitative restrictions (QRs) over the past couple of years.

• After shifting a range of FMCG products such as toilet soaps, jams, fruit juices, jellies,

biscuits and shaving products to the open general licence (OGL) last year, the Exim

Policy for 2000 has shifted a few more to the OGL list.

• Instant tea, coffee substitutes, milk and malted foods for infants, wheat flour, maize flour

and flours of other cereals, common salt, potato chips and napkin stock are some of the

items. For importers, this could bring cost savings to the extent of the special import

licence (SIL) premium earlier payable.

• Currently, each of these items carry fairly stiff customs tariffs, which could add to the

cost of the imported product.

• Tea and coffee carry a basic customs duty of 15 per cent, milk and malted infant foods 15

per cent, wheat flour and other cereal-derived flours 35 per cent, salt 25 per cent, potato

chips 15 per cent and napkin stock 35 per cent.

• But though FMCG products have typically been taxed at the peak customs duty rate in

the past, this has not deterred companies or importer-traders from importing and selling

strong overseas brands in domestic markets.

• Pepsi Foods' Tropicana fruit juices, Indian Shaving Products' Gillette Series Shaving

Products, Heinz's Tomato Ketchup, Nestle's After-Eight mint chocolates and McVities

biscuits are some of the international brands that have made a successful Indian deb ut

over the past couple of years.

• These brands started out with a premium pricing strategy and successively reduced

selling prices, in order to gain product acceptance.

• Multinationals with an Indian presence have benefited the most from free imports of

FMCG products. Relaxations of restrictions have enabled them to test-market strong

71

international brands in the domestic markets, without investing in new manufacturing

facilities in India. This has speeded up the access that the Indian arms enjoy to the

parent's product portfolio.

• Since these products typically cater to the premium segment, they have helped add

volumes and margins in the slow-growing domestic FMCG market.

• Indian Shaving Products has derived a substantial portion of its revenues in recent times

from importing and trading in the higher-end products of its parent, Gillette, while Nestle

India has used the freer import regime to broadbase the premium range in its chocolate

portfolio.

• On this count, companies such as Tata Tea _ after its recent acquisition of Tetley _

Procter & Gamble, Nestle India and ITC Agro-Tech appear to be likely to benefit from

the latest Exim Policy. The shifting of instant tea to the OGL could make it cheaper for

Tata Tea to import the product from the Tetley stables and launch it in India. The same

would be the case for Procter & Gamble, which imports napkin and tissue stock and

potato chips.

• P&G has already launched its international Pringles range in the Indian market and the

shifting of this product to the OGL would reduce the cost of importing it.

• ITC Agro-Tech, which recently entered the Indian branded staples market with the

launch of packaged `atta', should find it easier now to source part of its input

requirements from its parent, ConAgra.

Mergers and acquisitions

1. 1948 Cadbury launches operations in India under the name Cadbury-Fry India

2. 1967 Launches Cadbury 5-Star

3. 1968 Launches Cadbury Gems

4. 1977 The company changes its name to Cadbury India when it goes public

72

5. 1982 The company’s name is yet again changed to Hindustan Cocoa Products

6. 1984 Launch of Cadbury Dairy Milk, which is now the company’s flagship product

7. 1989 Hindustan Cocoa Products once again becomes Cadbury India

8. 2003 Cadbury India delists itself from the Bombay Stock Exchange

9. 2010 Cadbury India becomes a part of Kraft Foods with the latter buying Cadbury’s

worldwide operations for $19 billion

73

Cadbury merged with J. S. Fry & Sons in 1919, and Schweppes in 1969. Cadbury was a

constant constituent of the FTSE 100 from the index's 1984 inception until the company

was bought by Kraft Foods in 2010

Cadbury merged with drinks company Schweppes to form Cadbury Schweppes in 1969.

In 1978 the company acquired Peter Paul, the third largest chocolate manufacturer in the

United States for $58 million

In 1986, Cadbury Schweppes sold its Beverages and Foods division to a management

buyout known as Premier Brands for £97 million.

In March 2007, it was revealed that Cadbury Schweppes was planning to split its

business into two separate entities: one focusing on its main chocolate and confectionery

market; the other on its US drinks business

In 2003, Cadbury dropped the 's' from its name and renamed the brand to Cadbury. The

reason behind this change was because the company found that it was a much more

suited, rounded name than the previous "Cadbury's”

On 7 September 2009 Kraft Foods made a £10.2 billion (US$16.2 billion) indicative

takeover bid for Cadbury.

On 19 January 2010, it was announced that Cadbury and Kraft Foods had reached a deal

and that Kraft would purchase Cadbury for £8.40 per share, valuing Cadbury at £11.5bn

(US$18.9bn).

74

BIBLIOGRAPHY

www.cadbury.co.in

www.business-standard.com

www.financialexpress.com

www.economictimes.com

www.hinduonline.com

www.indiaserver.com

www.indiainformer.com

www.india-today.com

www.nestleindia.com

www.amul.com

www.hershey.com

www.mars,com